Jardine Matheson posts 11.4% drop in underlying profit to US$1.5 billion
This comes as full-year revenue fell some 0.7% to US$35.8 billion from US$36 billion in the year-ago period
[SINGAPORE] Hong Kong-based conglomerate Jardine Matheson Holdings on Monday (Mar 10) logged an 11.4 per cent decrease in underlying profit to US$1.5 billion for its full year ended Dec 31, 2024, from US$1.7 billion in the previous corresponding period.
This comes as full-year revenue fell some 0.7 per cent to US$35.8 billion from US$36 billion in the year-ago period, said the group in a bourse filing.
Jardine Matheson attributed the fall in profit to significantly lower contribution from Hong Kong-listed automotive dealership group Zhongsheng and reduced profit from Hongkong Land due to non-cash impairments it incurred from its build-to-sell segment on the Chinese mainland.
The group added that resilient performance of its Indonesia businesses led to about two-thirds of the group’s profit for the year originating from South-east Asia while some 28 per cent came from China.
The group’s net loss – comprising its underlying business performance and non-trading items – for the year stood at US$468 million, down from a net profit of US$686 million in the prior year.
Loss per share stood at US$1.61 for the period, down from earnings per share of US$2.37 a year ago.
The group declared a final dividend of US$1.65 per share, which amounts to an unchanged full-year dividend of US$2.25 per share. This will be paid on May 14, after books closure on Mar 21.
Shares of Jardine Matheson closed up 0.5 per cent or US$0.20 to US$39.70 on Monday.
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